Simon invested $ 1,550 at 6.5 simple interest.He earned $302.25 in interest after t years. What is the value of t?
2 answers:
<span>6.5% of 1,550 = 1,550 * .065 = 100.75 per year 100.75 * T years = 302.25 T = 302.25/100.75 = 3 years
Answer:
Time = 3 years.
Step-by-step explanation:
The simple interest can be calculated by the formula :
Simple Interest = PXTXR
Where = Principal
T= time .
R= rate of Interest.
The question is asking us to find time t.
T=
S.=-$302.25,P=$1,559 ,r=6.5%=0.065.
Substituting these values in the formula :
T=
Time = 3 years.
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